ICP Price Prediction: Is Internet Protocol Going Past $50?

The world of decentralized finance (DeFi) has been quite eventful lately, with many new projects emerging to establish their presence in the market. One such project is Internet Computer (ICP), which aims to enable the development of innovative decentralized applications (dApps) for the public. This has helped Internet Computer gain traction in the industry, thanks to its blockchain-based system that allows for fast and efficient smart contract execution and data storage. Additionally, it simplifies the process of implementing and storing information, while providing flexible software architectures for developers in the Internet Computer community. Recently, the value of Internet Computer’s native cryptocurrency, ICP, saw an increase in value after it was announced that it would integrate with Bitcoin (BTC). This news came at a time when ICP had experienced some setbacks, such as being labeled as an unregistered security by the United States Securities and Exchange Commission earlier in the year.

Internet Computer Protocol is a blockchain network designed to enhance efficiency, speed, and decentralization in computation and data storage. It aims to address issues commonly associated with the traditional Internet, such as centralized services, weak security systems, and misuse of personal data. The network’s native token, ICP, is used for governance, compensating nodes that perform computations, and rewarding participants in the ecosystem.

If you’ve been considering investing in Internet Computer but missed out on its recent price surge, you might be wondering about its future prospects. In this article, we’ll explore ICP price prediction with in-depth technical analysis of the ICP token to understand its future market potential.

ICP: A Quick Overview

In simple terms, blockchain is all about decentralization, which means spreading power out instead of keeping it in one place. It’s a nice idea, even though it’s not always perfectly achieved. Basically, it’s about giving people more control over their money, instead of letting big banks have all the power.

And this idea goes beyond just money. Huge companies like Google, Facebook, and Amazon have a ton of control over what we do online and what they know about us.

Computer scientist Dominic Williams, the visionary behind the DFINITY Foundation, introduced Internet Computer in 2016. The mission: to forge a decentralized internet, safeguarding privacy, thwarting centralization, and countering misinformation. This vision materialized through the Internet Computer Protocol, establishing a blockchain tailored to this purpose.

Internet Computer boasts its own native cryptocurrency, ICP, symbolizing the quest for a decentralized digital landscape.  

ICP: Working Module And Roadmap

The Internet Computer blockchain operates using a network of specialized machines called “node machines,” similar to how the internet relies on routers. These machines, managed by independent providers globally, connect over the Internet using the Internet Computer Protocol (ICP). Together, they form the Internet Computer blockchain, functioning as a global computing platform.

One unique feature is “chain key cryptography,” enabling the creation of public “chain keys” for secure message signing. Unlike traditional blockchains, this method requires less data for verification.

The network comprises multiple “subnet blockchains,” independent yet interconnected to boost capacity. These subnets operate with a novel consensus and cryptographic system, allowing secure interactions without requiring a local node. The master subnet blockchain, governed by the Network Nervous System (NNS) DAO, controls the network’s structure, ensuring authenticity through constant chain key signatures.

Applications interact with the network using the NNS subnet’s chain key, facilitating communication across subnets. “Canister” smart contracts, hosted on the Internet Computer, validate content using chain key signatures. These contracts, powered by WebAssembly bytecode, support parallel execution and diverse functionalities, such as multi-block transactions and periodic invocations.

Additionally, the protocol extends chain key cryptography to enable smart contracts to manage accounts and sign transactions on external blockchains like Bitcoin and Ethereum. This capability opens avenues for decentralized finance (DeFi) systems and enhanced web experiences on various networks.

Ethereum Vs ICP

While often dubbed as the “Ethereum Killer,” the ICP team prefers the term “Ethereum Savior.” Their goal isn’t to supplant existing blockchains but rather enhance them, aiming for increased speed, reduced costs, and greater environmental friendliness to ensure sustainability.

Let’s compare the Internet Computer to Ethereum across several factors:

Transaction Speed and Cost

On Ethereum, transaction costs include gas fees paid to miners, which can vary based on network congestion. Confirmation times average around 15 seconds but can extend during peak traffic. In contrast, Internet Computer transactions are nearly instant and cost only a fraction of a cent, making it a promising contender for a top cryptocurrency.

On-Chain Storage Cost

As businesses increasingly adopt blockchain for data storage, the Internet Computer offers a more economical solution through its use of ICP canisters. Storing 1 gigabyte of data on Ethereum for a year costs roughly $240,000,000, whereas on the Internet Computer, it’s approximately $5 annually.

Smart Contracts

Canisters, the Internet Computer’s version of smart contracts, are versatile and limitless, enabling innovative applications and decentralized solutions. They’re more efficient and cost-effective than traditional smart contracts used on Ethereum. Additionally, while Ethereum users pay for deploying and using smart contracts, the Internet Computer operates on a “reverse gas model,” where only developers cover application costs.

Staking Rewards

The Internet Computer offers substantial staking rewards, ranging from 15.4% to 28.9% annually, making it an attractive option for investors.

These are just some of the significant distinctions between the Internet Computer and Ethereum.

ICP Price Prediction: Price History

Now, let’s take a look at the price history of the Internet Computer. While past performance doesn’t guarantee future results, understanding its journey can offer valuable context for predicting or interpreting its price movements.

When ICP debuted on the market in May 2021, it quickly gained attention, reaching an all-time high of $750.73 on its launch day, May 10.

However, various factors, including a downturn in the market sentiment, led to a significant drop in its value. By June 10, it had plummeted to about $75. This downward trend continued, with its price sinking to around $30 in August. While there was a brief uptick to $84.75 on September 6, it later declined, closing the year at slightly over $25.

Unfortunately, 2022 proved to be even more challenging for ICP. Multiple market crashes left the cryptocurrency struggling, dipping below $10 in May and falling below $5 the following month.

Though there was a recovery to nearly $9 in August, the collapse of the FTX exchange drove its value below $4 in November. By the end of the year, ICP was priced at $3.93, marking an 85% decrease year-on-year.

However, there was a slight resurgence in the new year, with the price briefly surpassing $7 in February. Despite some fluctuations over the following months, the trend turned downward from April onwards. By June 12, it had dropped to $3.58. Although there was a partial recovery to $4.55 on July 3, the price slumped again.

On September 22, it hit $2.86 before rebounding to $4.91 on November 13. Breaking past $5 on December 4, it peaked at $11.79 on December 16, its highest in over 18 months. By December 18, it settled around $9.30.

The cryptocurrency then rallied to close the year at $13.32, marking an annual price increase of nearly 240%. On March 28, 2024, it was valued at $17.81. In the first week of April, ICP price skyrocketed following Bitcoin’s surge and touched the $20 mark. However, it later declined in the following days and consolidated between $10-$15.

ICP Price Prediction: Technical Analysis

ICP’s price has been steadily descending toward the key support level of $7.5, demonstrating that sellers continue to exert pressure. However, buyers strongly defended the decline and triggered a minor recovery. As of writing, ICP price trades at $7.8, declining over 3.4% in the last 24 hours. 

Should the price rally from $7.5 with vigor, it would indicate that buyers are actively defending this level. Subsequently, the ICP/USDT pair might climb back to the 20-day EMA at $7.9, which is expected to pose a significant obstacle. A downturn from this EMA could enhance the chances of the price falling below $7.5, potentially leading the pair to drop further toward $6.8.

For a bullish shift in momentum, buyers need to drive the price above the moving averages. Such a move could strengthen bullish sentiments, especially if the price sustains a break and closes above $8.7. This might send the price toward $9.6. 

ICP Price Prediction By Blockchain Reporter

Internet Computer Price Prediction 2024

The global economic outlook is anticipated to significantly improve by the close of 2024, with markets foreseeing three potential rate cuts by the Fed. This bullishness, along with a strengthening global economy, is likely to prompt investors to shift their funds from safer investments to more volatile ones, such as cryptocurrencies.

However, there are concerns among some analysts about the possibility of stricter regulatory measures being imposed on cryptocurrencies across various jurisdictions. Such regulations could exert considerable downward pressure on crypto prices, especially if implemented in nations with high levels of crypto adoption.

The price of Internet Computer (ICP) could also be influenced by the integration of Ethereum and ERC-20 tokens. This integration could have a positive impact on ICP in two key ways:

• If the integration is publicly launched in Q3 or Q4 of 2024, it could stimulate a rise in the price of ICP.
• The announcement of the integration and subsequent deployment in projects on the ICP platform could attract users, further boosting its value.

Internet Computer price is forecasted to reach a minimum of $15.14 in 2024. According to our analysis, the ICP price could potentially achieve a maximum of $17.45, with an average forecast price of $15.74. 

Internet Computer Price Prediction 2025

If the global economy strengthens in 2025, inflation is expected to drop, potentially boosting cryptocurrency investments, particularly if the Bitcoin Halving influences the market as anticipated. Past halvings suggest Bitcoin might surpass $100,000, with Bernstein analyst Gautam Chhugani predicting a rise to $150,000.

Such increases could trigger widespread gains across cryptocurrency markets, benefiting ICP holders. Moreover, the Internet Computer protocol anticipates growth in its subnets, including a GDPR-compliant European one, with ongoing ETH and ERC-20 integration aiding developers.

The Internet Computer Protocol is also set for significant developments, including expanding its capacity to over 100,000 canister smart contracts, introducing WebSockets for dynamic dApp updates, enhancing cross-subnet communication, and implementing end-to-end encryption for user security.

The price of Internet Computer is predicted to reach a minimum of $22.02 in 2025. It could reach a maximum of $26.83, averaging $22.65 throughout the year. 

ICP Price Forecast for 2026

The Internet Computer is expected to achieve a minimum price of $32.98 in 2026, with a potential peak at $39.58 and an average price of $33.89 throughout the year. 

Internet Computer (ICP) Price Prediction 2027

In 2027, Internet Computer’s price is anticipated to bottom out at $49.49, potentially climbing to a high of $57.54, with an average value of $51.19. 

Internet Computer Price Prediction 2028

Predictions for 2028 suggest that the Internet Computer could reach a minimum price of $73.05, a maximum of $86.18, and maintain an average trading price of $75.10. 

Internet Computer Price Prediction 2029

The forecast for 2029 sets the lowest price for Internet Computer at $101.95, with a ceiling price of $126.86 and an average of $104.95. 

Internet Computer (ICP) Price Prediction 2030

By 2030, the price of Internet Computer is projected to be at least $150.26, possibly reaching up to $178.59, with an average of $155.51. 

Internet Computer Price Forecast 2031

For 2031, the Internet Computer is forecasted to have a minimum price of $220.38, a maximum of $256.84, and an average price of $228.15. 

Internet Computer (ICP) Price Prediction 2032

In 2032, the minimum expected price for Internet Computer is $309.76, with a potential high of $382.57 and an average of $318.89. 

Internet Computer Price Prediction 2033

The price of Internet Computer in 2033 is predicted to start at $442.91, reaching up to $536.22, with an average trading price of $458.85 throughout the year. 

ICP Price Forecast: By Experts

According to our latest forecast, the price of Internet Computer is expected to surge by 229.76%, reaching $25.84 by July 24, 2024. Technical indicators suggest a current bearish sentiment with the Fear & Greed Index indicating a neutral stance at 51. Over the past 30 days, Internet Computer has seen 11 green days out of 30, with a price volatility of 14.74%. Given these conditions, it is currently not advisable to purchase Internet Computer.

Looking ahead to 2025, based on historical data and Bitcoin halving cycles, the minimum price for Internet Computer could drop to $7.83, while it could climb as high as $37.24 next year.

According to Digital Coin Price, market analysts and experts predict that by 2026, ICP will start the year at $23.03 and trade around $28.33. This prediction indicates a significant increase compared to the previous year, marking a notable jump for Internet Computer.

By the beginning of 2030, the Internet Computer Price Prediction and technical analysis suggest that the cost of Internet Computer will reach $58.07, maintaining this price by the end of the year. Additionally, ICP is expected to reach up to $52.73 in price. The period from 2024 to 2030 is projected to be significant for the growth of Internet Computer. 

Is ICP A Good Investment? When To Buy?

With the imminent launch of Ethereum integration, enabling seamless use of ETH and ERC-20 tokens within the Internet Computer protocol, there’s an optimistic outlook for the foreseeable future as the protocol’s utility expands. The native integration transforms Internet Computer into a multi-chain protocol without reliance on vulnerable bridges for asset porting, providing a significant advantage and bolstering its future prospects.

While the Internet Computer Protocol’s ambition is lofty, its potential success could revolutionize both the internet and blockchain landscapes, fundamentally reshaping how we engage with and safeguard our online presence and assets. Ongoing network updates are strategically aimed at realizing this vision, leveraging the DFINITY Foundation’s established track record in developing and implementing upgrades.

Conclusion

Recent advancements have sent Internet Computer into the spotlight, showcasing its innovative integration of a proof-of-useful-work system that merges blockchain with the internet. Its ability to maintain high throughput while meeting public expectations is commendable.

Yet, uncertainties linger regarding its execution and global adoption. Thus, the crucial question arises: does this utility and functionality make Internet Computer one of the best cryptos to buy in 2024?